cost to reinstate llc in illinois pros [Must Read]

Last updated : Aug 9, 2022

How much does it cost to reinstate an LLC in Illinois?

How much will it cost to revive an Illinois LLC? The filing fee for the Illinois reinstatement form is $200. You'll also have to pay the filing fee for all missed annual reports and late fees ($100 per late report). You'll also have to pay filing fees if you need to change your LLC's name or registered agent ($50).

How do I get my LLC back in good standing in Illinois?

To reinstate a corporation, you must file BCA 12.45, Application for Reinstatement, in duplicate with the Secretary of State's office. You also must file Annual Reports for the years that were not filed. For more information, please call 217-785-5782.

How long does it take to reinstate an LLC in Illinois?

LLC – Normal processing takes around 7-10 days. The 24-hour expedited processing for in-person filings in certain offices comes with a fee. Corporation – The processing of corporate reinstatement documents in Illinois takes around 7-10 days.

Should I reinstate my LLC or start a new one?

Generally, it is better to reinstate your current LLC than to start over. One of the purposes of having an LLC is the limited liability. If you start over, you lose the limited liability for the period of time from the dissolution to when you initate the new LLC...

What happens if you don't file annual report for LLC in Illinois?

Penalty. An annual report not filed within 60 days of the due date requires payment of the late filing penalty mandated by Section 50-15 of the Limited Liability Company Act.

Can I reinstate a dissolved company Illinois?

Guidelines. Domestic and foreign limited liability companies may file for reinstatement electronically. The application for reinstatement, all annual reports (maximum of 6 years) and all fees due must be submitted. An optional change to the registered agent and/or address may also be submitted during this process.

What does it mean for a company to be reinstated?

Reinstatement is the process of returning an inactive or non-compliant company to good standing within a state. C corporations, S corporations and limited liability companies (LLCs) face ongoing state formalities, such as annual reports or statements and their associated filing fees, franchise and/or other state taxes.

How long does it take to reinstate a dissolved company?

Once all the necessary documents have been correctly submitted to the Registrar the company will be restored to the Register often within a few days. Where the company is to be restored by Court Order the process is likely to take about 3 to 4 months.

How do I get my business back active?

A reinstatement document must be filed with your Secretary of State or equivalent government agency in most states in order to get your business back to being compliant and reestablished. Often times, an LLC or corporation will also need to file specific documents with the Department of Revenue.

How often do you have to renew your LLC in Illinois?

The State of Illinois requires you to file an annual report for your LLC. You can file the annual report online at the SOS website or by mail using Form LLC-50.1.

Can a dissolved company be reinstated?

A company that has been struck off by voluntary dissolution can only be restored by court order.

How do I dissolve an LLC in Illinois?

To dissolve/terminate your domestic LLC in Illinois, you must submit the completed form LLC-35-15, Statement of Termination in duplicate to the Illinois Secretary of State by mail or in person along with the filing fee.

What happens when an LLC goes inactive?

If a corporation or LLC is inactive by means of revocation or administrative dissolution, it cannot legally transact business in a state. This can impact the entire organization's ability to engage with clients, creditors, and other government agencies.

How do I revive my LLC?

1. Home.
2. help.
3. business.
4. my business is suspended.

What does it mean when a business status is dissolved?

What is a business dissolution? A business dissolution is a formal closure of a business with the state. A small business cannot hang up a “closed” or “out of business” sign outside their storefront, turn off the lights, and lock their doors to be considered a dissolved business.

How long does an LLC last in Illinois?

To do so in Illinois, you must register your assumed name with the Illinois Secretary of State. You may register online, or by mail by filing an Application to Adopt, Change, Cancel, or Renew an Assumed Name (Form LLC-1.20). The registration is good for up to five years.

What happens if annual return not filed?

Any Director who has defaulted in the filing of annual return of a company can also be penalized with an imprisonment of a term extended up to six months or with a fine of an amount not lesser than fifty thousand rupees and it might extend up to five lakh rupees, or with both imprisonment and fine.

Can a business still operate if its dissolved?

A dissolved business can't operate or conduct business other than that which is necessary to wind up its affairs and liquidate its assets.

What does it mean to be administratively dissolved?

Administrative dissolution is the taking away of the rights, powers, and authority of a domestic corporation, LLC, or other statutory business entity by the state administrator overseeing business entities, due to the entity's failure to comply with certain obligations of the business entity statute.

What does involuntary dissolution mean in Illinois?

A company may be dissolved involuntarily by the Secretary of State if it fails to pay required fees. Involuntary dissolution may be a shareholder remedy arising out of a lawsuit complaining of deadlock, fraud, management problems, or illegal conduct.

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so today we're going to talk about businesses age corporations shelf corporations and how to get a lot of funding now it's a lot of people who are always talking about personal but they never talk about business me i talk about business it's because business credit is how you get the maximum funding for whatever you're trying to do versus personal personal more for yourself so you can get a lot of personal funding but you know what i mean nothing will be compared to businesses just like you can get five iphones at the max for your personal for your business you could probably get 100 iphones depending on how many employees you have when you go get a car you might just be able to get one car at that time at the lot but you can probably get up to 10 cars under your business or more depending on how many toys you got so i tell people that you don't get an llc you know corporation get any type of corporation you want to get to start your business because that's how you really get ahead and like because i noticed a lot of people i was just on live today and somebody was talking about college or whatever and it was like man i spent 12 thousand i spent thirty two thousand i spent forty thousand and that same type of money you could have invested in yourself to basically boost your personal credit then after you boost your personal credit well cleaned it first then boosted it you could have actually brought yourself got yourself an llc or got yourself a corporation you know i'm saying and actually built your corporation up to the point where whatever you believe in you can actually take to the next level and get what you want so i was telling people like man um you can actually get it by age corporation now let me show y'all something so i'm gonna try to see this so y'all don't think i'm just talking most age corporations i'm gonna tell you about age corporations you can get an age corporation what that means is it's basically a corporation that has a business created set it on a shelf and it get and then let it get history basically like 7 18 12 year history on it and some business owners actually will put trade lines put it through business like dmv and stuff like that and actually build credit on it now if they do all that they're basically going to charge you more versus just selling you a two-year age corporation with two-year history with no credit it'd be way cheaper but if it's built up all the way and it's ready for funding you can actually buy it and it's i'm gonna tell y'all in our ways it's basically a shortcut if you want to like take a shortcut people buy age corporations and they hurry up and just do whatever they need to do to get their business moving you know what i mean so that's i'm gonna show you all this one of these is one of the sites so it's called wholesale chef corporation that says get instant time business qualify for corporations and government contracts with age corporations that are credit ready start launching expand your business as 24 hours and qualify for up to 500 k in secure funding now some of the main places you can basically buy corporations is delaware nevada wyoming montana and texas so you can actually look on the internet these are most of the places where chef corporations are formed you know what i mean like how much do sheriff corporations cost they cost anywhere from 650 all the way up to 25 000 so you can get a cheap corporation but me if you're gonna go full face in you might as well just spin that bag and get one with history or if you want to just do everything yourself you can definitely do that you can buy a chef corporation you can get the llc and actually build it up put tray lines on it you know get some history going to it get some positive you can actually put primaries on there get relationships built on your business actually register your company home these are all the places you can register your company with you want to definitely make sure when you do you know get you an age corporation or llc you want to make sure that the irs is you got the registration you want to make sure you got it done and broad street you want to make sure that it's a it has a 411 direct listing you want to make sure that it has a merchant account set up you want to make sure that uh it's through the yellow pages super pages you want to make sure it's on bean google yahoo you want to make sure that all this is coming with your business you don't like as far as websites i always get on websites but i don't always believe website so if they're giving you certain types of information like it just told you what you should do you can do this research on your own and find out how to do these things and actually do it for your business and then once you do it for your business you have all that into your business so you look more professional as far as like you know you got the address you got the 401 that's how when you come to the bank they see that you are responsible they see that you are organized and they're going to really give you that loan that you are looking for especially with your business plan so you want to make sure everything is in order as far as what i just showed you you want to make sure that you have the credit the history you also want to make sure that it's very important that your personal credit is up because if you trying to get a loan most likely your business they're going to want to use your real social as a personal guarantee you know i'm saying they want to make sure that man you're going to use your social you know what i'm saying so you're going to be the co-signer for your business so you want to make sure that your credit is all the way up to the match you know what i'm saying so it would be easier but if you want that shortcut and you want to take your life to the next level as far as you know oh man i got this personal you know my personal credit is high but i want to start a business you know what i'm saying llc is cool you know what i'm saying but if you might as well go grab them age corporations man a lot of people been doing it for years that's one of the biggest things that people don't know about out right now that's going on this is buying older companies with history because when history is formed in a company banks like that creditors like that also uh i give a little bit more details about a lot of corporations and i give a little bit more details about you know different types of trade lines different types of primaries um that you can actually get to help your corporation and help your personal credit on my only fan so like when people sign up or whatever people see results you know what i'm saying and i'm my job is to help everybody who watch me you know what i mean i'm just just not trying to get you because i read you get help and you know what i'm saying unsubscribe as long as you got your health as long as you can say man batman kevin man i rock with him man he really helped me you know what i'm saying he's smart you feel me he know what he's talking about and he's trying to educate people who don't know about this type of stuff because i can relate to

Thanks for your comment Gavin Yagues, have a nice day.
- Hassan Cloos, Staff Member

hi guys welcome to the simplify llc channel in this video we're going to explain how much it costs to start an llc in illinois this state is great for entrepreneurs who don't want to spend too much but it also has some nice add-ons depending on your business's needs if you're new to the channel don't forget to hit the like button and press the bell icon to subscribe and be notified when we publish a new video alright let's get started if you're planning to do business in illinois you'll need to register your llc in this state so you're likely trying to plan the cost good news you can get away with forming an llc in illinois for as little as 150 the basic cost is for your articles of organization and that's the same for both domestic and foreign llcs in illinois you pay the formation fee to the secretary of state in most cases this is all you need to establish your llc in illinois simply submit form llc 5.5 and pay the 150 and you should be in business literally in about 10 business days need to move more quickly illinois allows you to expedite your filing at the chicago and springfield offices for just 100 more and you'll get results within 24 hours as with any llc you'll need a registered agent that might be you if you reside in illinois or a designated person for your foreign llc either way choosing a registered agent is included in your articles of incorporation but here's where it gets tricky if you need to inform the secretary of state that your registered agent has resigned it's five dollars now that's not too bad but it costs 25 dollars to change your registered agent and if you don't report a resignation within 60 days you'll be hit with a 100 late fee so select the right person for the role and be sure to alert the state asap of any changes so now that you know the budget let's see about registering your business's name in many states it can be a race to get your documents in order so you can claim your name but illinois has a nice feature if you have that perfect name in mind but your articles of incorporation aren't ready you can reserve it with the state for just 25 which is a fair price for the convenience of a little extra time now what if your llc includes a sub brand or you'd like to use a different name for your illinois llc well you'll need to request a dva name dba is short for doing business as and it's essentially a registered alias for your illinois llc many states charge a flat fee for a dba but in illinois it's a bit different if you file the dba in a year ending in zero or five your fee is 150 in addition to the hundred and fifty dollars for the articles of incorporation if you file it during a year ending in one or six it's a hundred and twenty dollars two or seven it's ninety dollars three or eight it's sixty dollars and if the year ends in four or nine it's just 30 to register a dpa the idea is to spread out your costs over a five-year period so if it's not urgent to register your dba in illinois wait for a year that ends in four or nine just remember you'll need to renew your dba every five years and be sure to do it at least 60 days before it expires or the state will fine you one hundred dollars but wait that's not all you must stick with your dba name during that five years or else it's 25 to change it once your business is up and running you'll need to file an annual report which carries a filing fee of just 75 this is due on the first day of the month following your registration anniversary so if you registered on august 15th your annual report due date is september 1st be sure to get it on time because as with all other parts of illinois llcs the late fee is 100 and that's it illinois is overall quite affordable to register and maintain an llc as long as you time it right and hit your deadlines this state also has no minimal annual franchise taxes although you do have personal income taxes overall though it's fairly simple to register your llc in illinois and there are some nice benefits for entrepreneurs who want to expedite the process or get first dibs on a name well that's it for today thanks for watching if you want to know more about what an llc is its benefits and disadvantages you'll find the link to those videos in the description box below also don't forget to like and subscribe feel free to write in the comments if you have any further questions and we will see you next time

Thanks Chad your participation is very much appreciated
- Hassan Cloos

About the author

Hassan Cloos

I've studied doxastic logic at University of California, Santa Cruz in Santa Cruz and I am an expert in journalism (outline). I usually feel energetic. My previous job was sales managers I held this position for 14 years, I love talking about farming and canyoneering. Huge fan of Chris Young I practice cycling: road and collect first day covers.